Rasmussen Reports has a new poll out on Oregon's U.S. Senate race, and all of the parties involved - Republican incumbent Gordon Smith and Democratic challengers Jeff Merkley and Steve Novick - have a different take on it. Guess that's no surprise. First, here are the numbers in test matchups:

Smith......48%
Novick.....35%

Smith......48%
Merkley...30%

The findings show a slippage in support for the Democrats compared to a late October poll conducted by Survey USA, which, like Rasmussen, is one of those national automated polling firms.

Still, aides to both of the Democrats said the fact that Smith is under 50 percent in support is a major sign of weakness for an incumbent (a point Rasmussen makes as well). Smith's pollster, Bob Moore, insisted that isn't the case anymore. And he argued these are particularly good numbers for a Republican in Oregon.

"In a state like Oregon, to have Gordon Smith at 48 percent, well, (New York Sen.) Chuck Schumer (of the Democratic Senatorial Campaign Committee) looks at that and says, 'Well, we have other opportunities,'" said Moore.

Meanwhile, the Novick and Merkley campaigns also differ on whether the poll says anything about their relative strength.

But Merkley aide Matt Canter said Novick has been spending money on TV advertising recently, so it's not surprising he might poll a little better than Merkley. He argued that the poll does not capture Merkley's advantages in fund-raising and endorsements that will come into play later in the race.

"The only noteworthy conclusion you can draw from all of these polls (on the Senate race) is they all have Smith under 50 percent," he said.

I'm not sure too much can be made of the 5-point difference between Novick and Merkley. The poll has a margin of error of 4.5 percentage points and some in the polling business still raise doubts about these automated polls.

What I think the poll does show is that the advantage still lies with Smith. But it also shows the Democrats continue to have a shot at the seat.